CryENGINE®3 is the first PC, Playstation®3, and Xbox 360™ all-in-one game development solution that is Next-Gen ready with scalable computation and graphics technologies.
Using the CryENGINE®3, you can start the development of your next generation games today. CryENGINE®3 is the only game engine that provides multi-award winning graphics, state-of-the art lighting, physics and AI, out of the box.
The famous CryENGINE®3 Sandbox™ editor is a production proven, third-generation real-time tool suite designed and built by AAA developers. CryENGINE®’s powerful real-time renderer is now even better! DirectX 11 (DX11) support significantly enhances the capabilities of the renderer within CryENGINE®3, allowing for some of the best visuals ever seen.

on a more serious note, as with every cryengine this is quite stunning. makes me wonder just how amamzing stuff will look 50 years from now(heck at the rate things are advancing i'm even curious about the next 10 years)

It would look even better with less dark shadows. Might be a simple contrast issue. Very little in the real world looks pure black.

The real-time volumetric fog shadows (sunshafts) and "unlimited" particle FX lighting is rather impressive. I still wonder about distance though. Can the engine handle truly large areas? And what about radiosity lighting?

I think the shadows are more of a crytek stylistic thing. Also, it's a Cryengine. I'm pretty sure the draw distance can be pretty long. They probably won't utilize it though, the game is still current gen for consoles. The PC has the PC bells and whistles but the levels are still gonna be pretty compact.